Impossible Foods, the US-headquartered plant-based food provider that counts internet and technology group Alphabet as an investor, raised $500m in series F funding late last week, Forbes reported today.
The round was led by asset manager Mirae Asset Global Investments and also featured state-owned investment firm Temasek and venture capital firms Khosla Ventures and Horizons Ventures in addition to angel investors including actress Mindy Kaling and film director Peter Jackson.
Although the company has not revealed details of its valuation, Reuters reported in November 2019 that it was seeking funding at a valuation of $3bn to $5bn.
Impossible produces meat and fish substitutes that utilise heme, a molecule reproduced using genetically engineered yeast, in order to make its food taste more like meat. Its Impossible Burger is sold at Burger King outlets and other restaurants across the US, Singapore and Hong Kong.
David Lee, the company’s chief financial officer, told Forbes part of the proceeds will be used to offset expected impact from the COVID-19 coronavirus currently circulating. It had been looking to expand its reach to additional countries in the coming months.
Lee said: “With what is happening in the world, it is important to reassure our customers that we are built to withstand short-term shocks. We are able to stand tall. We have the ability with long-term investors.”
Impossible has now raised about $1.25bn altogether, with Horizons Ventures and Temasek co-leading a $300m series E round in May that valued it at $2bn, participating alongside several individual investors.
Alphabet subsidiary GV took part in a $75m round that also featured Khosla Ventures, Horizons Ventures and entrepreneur Bill Gates that was disclosed by the company when it emerged from stealth in 2014.
Financial services firm UBS led a $108m round for Impossible in 2015 that included Horizons Ventures, Khosla Ventures, Gates and Viking Global Investors. It added $75m from Temasek, Gates, Horizons Ventures, Khosla Ventures and Open Philanthropy Project two years later.
Image courtesy of Impossible Foods Inc.
